What does your FICO credit score affect?
in detail- what are the FICO scores used to detremine?
- BootsLv 71 decade agoFavorite Answer
Any type of credit (car loans, home loans, credit cards etc). Your FICO score affects if you will get credit and what the interest rate will be.
Insurance Rates charged. Most insurance companies use your credit score as one of many factors that are used to determine what your insurance premium will be.
The ability to get a job. In this competitive job market - more employers are pulling your credit rating as one of the things they consider in hiring. If you have bad credit you will have a very difficult time getting a job in the financial sector, banking, insurance --anything that deals with money.
You can get more info here: http://www.myfico.com/CreditEducation/
- CGLv 61 decade ago
I believe FICO scores affect any time you try to open any line of credit or try to purchase any "big" item like a car or house (i.e. if you need to obtain a loan). I remember when I opened up a bank account 10 years ago they actually looked up my FICO score to see what it was. So whenever you need a loan or credit of any sort, you'd better have a good FICO score.